Shein has initiated a Hong Kong listing process to raise up to US$1.8 billion after abandoning prior plans for London and New York exchanges. The company priced shares between HK$47.60 and HK$49.50, targeting a valuation near US$27 billion, down from prior peaks of US$100 billion. Available reporting draws exclusively from right-center sources and does not address supply-chain or geopolitical factors raised in other analyses.